As you see in the chart, current trend is clearly bearish within a well-defined descending channel. Price is making lower highs and lower lows, respecting both channel borders. After 2 days upward swing, price is near the top of the descending channel (around 653), testing the upper boundary. That area aligns with the red resistance zone — a strong supply area. The last candles are forming small-bodied candles with upper wicks near resistance; indicates buyer exhaustion. Potential for a bearish engulfing or rejection wick, which would confirm a short entry.
Trade Plan Suggestion:
Enter: 653-655
Tp1: 640
Tp2: 630
TP3: 607
SL: 663
** Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Trade Plan Suggestion:
Enter: 653-655
Tp1: 640
Tp2: 630
TP3: 607
SL: 663
** Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
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